India's smartphone shipments saw a notable increase in the first quarter of 2024, with volume growth of 8% year-on-year (YoY) and value growth of 18%, according to Counterpoint's Monthly India Smartphone Tracker.

Growth in volume and value

Volume growth was primarily driven by healthy inventory levels and a low base in the first quarter of 2023.

Meanwhile, the increase in value was driven by the premiumization trend and the introduction of new models such as the Samsung Galaxy S24 and OnePlus 12 series.

Expansion of the Premium segment

The premium segment, comprising smartphones priced above INR 30,000, achieved its highest volume share of 20% and contributed 51% to the total market value in Q1 2024.

Shilpi Jain, senior research analyst, highlighted that India's smartphone market reached its highest value in the first quarter during the quarter. This growth has been driven by consumers upgrading to higher value smartphones at various price levels, supported by factors such as affordable financing, trade-in offers, bundled schemes and demand for advanced features such as AI, gaming and enhanced imaging.

Brand performance

Samsung led the market in terms of value with a quarter. Samsung's average selling price (ASP) hit an all-time high of around $425, driven by its strong presence in the > INR 20,000 segment.

Apple had a remarkable quarter in India, dominating both the value and volume aspects of the premium segment, largely due to the latest iPhone 15 series.

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Among the fastest growing brands were:
  • Nothing experienced a remarkable year-on-year growth of 144% due to its mid-segment model Nothing (2a).
  • Motorola saw a 58% year-over-year increase in shipments, driven by demand for a better CMF experience and stock Android.
  • Xiaomi took second place with 28% year-on-year growth, focusing on a streamlined portfolio and proactive offline strategies.
  • Transsion's brands grew 20% YoY by enhancing offline presence and offering premium features in the affordable segment.
Key trends

Counterpoint predicts single-digit growth for India's smartphone market in 2024, driven by factors such as premiumisation, 5G adoption and post-COVID upgrades. In the first quarter of 2024:

  • 5G smartphone shipments accounted for a record 71% share.
  • MediaTek led the chipset market with a 53% share, while Qualcomm dominated the premium segment with 35%.
  • Offline channels captured 64% of the market share, which is a significant post-COVID quarterly figure.
  • vivo emerged as the top brand by volume for the first time, achieving a 19% share driven by its 5G leadership and strong imaging capabilities.
Market dynamics and channel strategies

Shubham Singh, research analyst, noted that the start of 2024 was promising for OEMs, with improved inventory levels enabling multiple new launches.

However, sales fell short of expectations due to reduced retail traffic and consumer spending. Major OEMs have diversified their channel strategies, resulting in shipment growth in offline channels, he added.


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